I propose violent crime growth as a measure of revealed marginal utility growth of heterogeneous consumers in … incomplete markets. Consumer heterogeneity is measured using the cross-sectional average and cross-sectional variance of crime … growth exploiting a monthly panel of reported crime incidents from over 10,000 law enforcement agencies across the United …

cash flows of the asset can be derived from yield curve of risk-free returns. With these assumptions, I derive a theory of …Define total risk as all possible outcomes and their probabilities. In this case, expected value – probability weighted … average – of outcomes represents average figure around which the risk is distributed. Assume also that total return from an …